If you are a resident of Cyprus, permanent or otherwise, you will find that opening a bank account in Cyprus has many benefits. Opening a bank account in Cyprus can be a relatively easy process if you know what you’re doing and are careful to follow the rules and regulations set by the government for opening your own bank account there.
The benefits of a bank account
A bank account in Cyprus can be beneficial to both permanent and temporary residents. Permanent residents of Cyprus are required by law to have an open bank account when they are applying for residency. Therefore, a bank account is an essential benefit for those hoping to live as a resident in the country. A bank account will allow residents local access to their funds, which will make paying for residential fees — such as rent, utilities, etc — much easier. An open bank account also allows permanent residents to take out loans, set up checking and savings accounts, and make investments.
Bank accounts also have benefits for non-residents, including those who own property in Cyprus, which is a particularly popular location for vacation and temporary summer homes. Non-residents are not legally required to have an open bank account in the country in order to live there, permitted they are within the government’s visa regulations. However, many non-residents choose to open a bank account because of the convenience they provide. Bank accounts make access to funds much more convenient and easy. They also make it possible for non-residents to use debit and credit cards while they are in the country. This particular benefit is widely used by those that use Cyprus for a vacation home: it is much simpler to swipe a debit card which works locally than continuously go through the hassle of exchanging currency! Regardless of whether you are a permanent or temporary resident of Cyprus, you will find that opening a bank account is very beneficial.
How to open a bank account in Cyprus
Opening and running a bank account in Cyprus may seem like a difficult task at first. However, if you are careful to follow the regulations set down by the government, opening and managing your bank account will be relatively simple and hassle-free.
The first thing you will need to do is submit several vital documents to the Bank of Cyprus OR a Cyprus-local professional intermediary. These documents are an essential supplement to your bank account application and will help support your case for opening an account.
The documents you will need to send are:
A valid passport; (for permanent EU residents only) or an identity card with a signature and photograph
Proof of address in Cyprus, such as a utility bill
A reference letter from your current bankers
The required Bank of Cyprus account pre-approval application documents
Once you have submitted the above documents and the necessary Bank of Cyprus application, your case will be reviewed by the Bank of Cyprus. If your case has been given preliminary approval, you will be sent the full set of application documents required by the Bank of Cyprus. The rest of the process is relatively simple and requires that you submit the aforementioned application documents which, if they are approved, will allow you to fully open a Cyprus bank account.
Once your account is open, you will need to manage it. Managing a bank account in Cyprus is just like managing a bank account elsewhere: you will need to ensure that you properly manage your funds on a consistent basis, keep a record of your savings and checking’s accounts, and take care not to overdraw on your bank account. It is important to note here that the currency in Cyprus is the Euro. Non-residents with open bank accounts can often take advantage of online banking programs which will allow them to keep track of their Cyprus bank accounts even when they are not currently living in the country. Residents will benefit from having their statements delivered to their home residence, unless they would prefer to keep track of their account online.
Opening and managing a bank account in Cyprus is a relatively easy process—as long as you make sure you follow the government’s application process and are responsible with your banking, you will have no trouble!